• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Brent crude breaks $70 after Saudi Arabia’s oil facilities attacked by Yemen’s Houthis

4 years ago
in Energy, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
54
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

International benchmark Brent crude futures popped during Asian trading hours Monday, moving above $70 a barrel for the first time in more than a year.

The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks.

Brent jumped 2.65% to trade at $71.20, while U.S. crude futures rose 2.56% to $67.78.

A spokesman said neither attack caused any injury or loss of life or property, but shrapnel from the intercepted missile fell near residential areas in the city of Dhahran, SPA reported.

“Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” the ministry said via state media. “They affect the security of petroleum exports, freedom of world trade, and maritime traffic.”

Yahya Sare’e, a spokesman for Yemen’s Houthis, said it carried out a “broad joint offensive operation” involving 14 drones and eight ballistic missiles.

(1/6)
In the name of Allah, the Most Gracious, the Most Merciful

A statement by the Yemeni Armed Forces

Almighty says: "Do not be weak in pursuit of the enemy—if you are suffering, they are also suffering as you are suffering …

— Yahya Sare'e (@Yahya_Saree) March 7, 2021

He said on Twitter that other military sites were also targeted with four drones and seven ballistic missiles, adding that “the hit was precise.”

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

“We promise the #Saudi regime painful operations as long as it continues its aggression and blockade on our country,” he said in another post.

A Saudi-led coalition intervened in Yemen’s civil war in 2015 and has continued to fight against the Houthis in what is seen as a proxy war with Iran.

The Houthis have reportedly stepped up attacks on Saudi Arabia in recent weeks.

The Biden administration last month said it would remove the Iran-backed Houthi rebels in Yemen from the Foreign Terrorist Organization and Specially Designated Global Terrorist lists, according to NBC News.

John Driscoll, director at JTD Energy Services, told CNBC that the primary effect of the attacks is psychological.

“They serve as a reminder that the Mideast is vulnerable and rife with tensions and rivalries that could overheat at any time,” he said in an email.

However, he said the run up in prices could be short lived, noting that the Saudis said there was no significant damage to infrastructure.

Driscoll also said the timing is “noteworthy,” given that the U.S. took military action against Iran and Iraq targets last week.

“One senses [that] lines are being drawn in the sand,” he said.

www.cnbc.com

Source: cnbc
Via: norvanreports
Tags: $70 a barrelBrent Crude futuresSaudi Arabiasurge in oil prices
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.